The Procter & Gamble Co. (NYSE: PG) will report its second-quarter earnings Tuesday before the markets open. Thomson Reuters has consensus estimates of $1.13 in earnings per share and $20.62 billion in revenue. The second quarter from the previous year had $1.15 in earnings per share and $22.28 billion in revenue.

Looking ahead to 2015, what investors have to consider is that P&G is in a state of change. It is selling or willing to dispose of a large number of brands. We opined that Berkshire Hathaway Inc. (NYSE: BRK-A) may be stealing the Duracell brand in that unit disposition process. P&G also arranged for the sale of most of its pet foods operations in 2014.

At the end of 2014, a boutique firm named BTIG issued a downgrade on P&G shares, to Neutral from Buy. Another key issue has been present since last summer, and that is that earnings have little or no growth. Another question is whether brand names just come with too much premium over less recognized brands.

P&G is a stock that most investors flock to during times of uncertainty. It just so happens that consumers still use things like deodorant, toilet paper, diapers, razors, soap, shampoo and a whole host of other consumer products whether or not times are hard. 24/7 Wall St. has included more on the company’s outlook in our Bullish and Bearish Case in 2015.

Just a week before the company will release its earnings, the firm B. Riley reiterated a Neutral rating for P&G and lowered its price target to $87.00 from $91.00.

The 50-day moving average is currently at $89.30. Shares have been testing the 50-day moving average since the beginning of the New Year. The 200-day moving average is immaterial and reads at $82.96.

Shares of P&G were down 1% at $89.25 in the last two hours of trading. The stock has a consensus analyst price target of $92.89 and a 52-week trading range of $75.26 to $93.89. It has a market cap of $242 billion.

One caveat has to be identified ahead of earnings, and that is that there is a lot of change in the process of coming about. P&G has many brands on the block, and that means that analysts could have a very difficult time getting their ‘NewCo’ estimates right.

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